Notice of Disqualification – Ryan Delaney - 17 June 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for stringent regulation and oversight of the superannuation industry in Australia. The SISA aims to protect the interests of superannuation fund members by ensuring the proper administration, management, and regulation of superannuation funds, and by providing for the supervision of trustees and related entities. The Act was enacted by the Parliament of Australia to fill a critical gap in the regulation of the superannuation industry, which was growing in size and complexity, necessitating a more robust legal framework to safeguard members' interests. The policy objective of the SISA is to maintain high standards of conduct and accountability among trustees, investment managers, and custodians of superannuation funds, thus fostering trust and confidence in the superannuation system. The notice of disqualification issued under the SISA to Ryan Delaney on 17 June 2026 by Ben Kelly, a delegate of the Commissioner of Taxation, exemplifies the Act's enforcement mechanisms. This notice, which will be published as a Notifiable Instrument in the Federal Register of Legislation, underscores the seriousness with which the SISA treats breaches of its provisions. The disqualification of responsible officers like Mr. Delaney serves as a deterrent and a corrective measure, ensuring that those who fail to adhere to the regulatory standards are held accountable. This enforcement not only upholds the integrity of the superannuation industry but also reinforces the SISA's commitment to protecting the financial well-being of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and corporate trustees involved in the management of superannuation entities in Australia. Specifically, the Act governs the conduct of trustees, investment managers, custodians, and responsible officers of superannuation entities to ensure compliance with regulatory standards. The geographic reach of the Act is national, applying to all superannuation entities across Australia, irrespective of state or territory boundaries. The Act imposes strict obligations and provides for the disqualification of responsible officers in the event of serious contraventions. Notably, the Act can disqualify individuals from acting as trustees, investment managers, or custodians, or serving as responsible officers of superannuation entities if there is evidence of significant breaches of the Act's provisions. The disqualification can be initiated by a delegate of the Commissioner of Taxation and is subject to publication as a Notifiable Instrument in the Federal Register of Legislation. While the Act primarily targets serious contraventions, it does provide for the possibility of disqualification revocation under certain conditions, including a written application by the disqualified person. Furthermore, if a person is aggrieved by the disqualification decision, they have the right to request a reconsideration from the Commissioner within 21 days of receiving the notice of the decision.

Key Provisions

The key provisions of the notice of disqualification under the Superannuation Industry (Supervision) Act 1993 (SISA) as provided in the document include the actual notice of disqualification (subsection 126A(6)) and the rationale behind the disqualification (subsection 126A(2)). According to these provisions, the Commissioner of Taxation has disqualified Ryan Delaney due to his role as a responsible officer of a corporate trustee who contravened the SISA. The notice clearly states the effective date of the disqualification as the day it is issued. The obligations and requirements imposed by the Act on the parties it governs are extensive. For example, responsible officers of corporate trustees must ensure compliance with the SISA to avoid personal disqualification. The Act mandates rigorous oversight and adherence to legal standards, ensuring the proper management of superannuation entities. The disqualification notice serves as a formal communication of a breach of these obligations, providing specific details of the contraventions and the grounds for the disqualification. Breaches of the Act, particularly the continued involvement in superannuation activities by a disqualified person, are subject to severe penalties. Under section 126K of the SISA, it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity. The maximum penalty for this offence is two years imprisonment, highlighting the seriousness with which the Act treats non-compliance. Additionally, the disqualification can be revoked under subsection 126A(5) either on the initiative of the authorities or upon a written application by the disqualified person. For those affected by the disqualification and dissatisfied with the decision, there is a provision for reconsideration. Under section 344 of the SISA, Ryan Delaney can request the Commissioner to reconsider the decision within 21 days of receiving the notice, provided that the request is made in writing and includes the reasons for believing the decision is incorrect. This process ensures that there is a mechanism for appeal and rectification if the affected party believes the disqualification was unjust.